A reminder to check your School Building Funds’ compliance with the ATO requirements.
School and College Building Funds may attract the attention of the ATO’s compliance program this year. The ATO develops and implements its compliance program annually, which identifies key areas for its compliance activities for the financial year. The compliance program targets areas of risk of non-compliance with taxation laws, which will be subject to greater ATO scrutiny for the year, to encourage greater compliance with taxation laws within the community. School and College Building Funds have been identified as a potential area of focus for the 2016-2017 ATO compliance program.
In 2013, the ATO, on behalf of the Commissioner of Taxation, released Taxation Ruling 2013/2 which made significant changes to the ATO’s assessment of School Building Funds. Managers of School Building Funds are encouraged to review their School Building Funds in light of the taxation ruling, and the possible ATO compliance focus this year, to ensure that their funds are complying with the ATO requirements.
Please do not hesitate to contact Bill d’Apice if you would like a review of your School Building Fund and its compliance with TR2013/2.
Click here to read our previous article on the Taxation Ruling and School Building Funds.